Pillarstone Capital REIT PFD CL A
PRLEP
Other OTC- -
USD
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Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Real Estate
- Industry
- REIT - Specialty
- Address
- United States of America
- IPO Date
- Aug 1, 2013
- Similar Companies
- Business
- Pillarstone Capital REIT PFD CL A (PRLEP) represents the Class A preferred stock of Pillarstone Capital REIT, a Maryland-based real estate investment trust focused on acquiring, owning, operating, developing, and redeveloping commercial real estate properties to generate shareholder value through value-add strategies and higher-yield assets. The REIT's core portfolio consists of high-density urban mid-rise office buildings and well-located suburban office/flex properties in Houston and Dallas, Texas, targeting underperforming, undermanaged, or overlooked assets such as multi-tenant commercial properties near major highways and affluent neighborhoods; it also pursues opportunities in retail, office warehouse, industrial, multifamily, hotel, and other commercial property types through recapitalizations, joint ventures, and strategic alliances. Founded in 1994 as the successor to Paragon Real Estate Equity and Investment Trust—originally acquired in 2003 via Stonehaven Trust—and renamed Pillarstone Capital REIT in December 2016 following a contribution agreement with Whitestone REIT for 14 properties in Texas, the company is headquartered in Houston, Texas, and primarily operates in U.S. markets with a focus on Texas. In recent years, Pillarstone internalized its management in 2022 as part of phase 2 of its long-term growth plan, expanding its leadership team with executives experienced in capital markets, company growth, and commercial real estate redevelopment to enhance operational efficiency and portfolio transformation. A significant operational shift occurred in March 2024 when Pillarstone Capital REIT, its operating partnership, and related entities filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Northern District of Texas, leading to the sale of all remaining real estate assets under a plan of liquidation and ongoing strategic planning amid the proceedings. Most notably, in December 2025, a settlement agreement in the bankruptcy proceedings resulted in a $33.4 million payment to Whitestone REIT—its former strategic partner holding a significant equity stake—plus an additional $4.05 million to Pillarstone Capital REIT, with further distributions expected in 2026 from remaining cash reserves, marking the near resolution of their long-standing joint venture and strengthening post-bankruptcy positioning.